Review on Luno Wallet by Stephen Toluwani
A wallet that supports users from developing countries.
Luno wallet is a crypto holding wallet that focuses on reaching people in Developing nations who are interested in the world of cryptocurrencies. It is a centralized wallet that doesn't give the users access to their private
The wallet is known for its various charges for deposit and withdrawal from it's platform
The fact that it supports the deposit of fiat currencies from developing countries is a good one as people gets more exposed to the crypto industry. Luno wallet has a very stringent security setup that makes the wallet trustworthy enough to leave one's funds in it. It also has a very intuitive User Interface that makes it navigable for new users. The wallet also support a free transfer service for the interconnection of its users
A big backdrop for the wallet is it's exorbitant and dynamic fees. Also the paperwork required to set up an account for full and proper use is way too much as it makes the user lose interest in the wallet just like
Pros
- Supports very popular crypto coins
- Offer's free transfers from a Luno wallet user to another Luno wallet user
- Offer's an instant buy/sell option making it easy for newbies to get their preferred coins in their wallets instantaneously
- Supports mainly Developing nations of the world
- Has a great User Interface and is supported both on mobile and web
- Has a lot of security setups which gives the user fund safety assurance
Cons
- Has a lot of charges embedded in it's services such as deposit fees in fiat of 1.5%, withdrawal fees to local bank of 200 Naira and also non-customizable transaction fees for transfers to external wallets
- Supports only a limited number of coins; five in total
- It is a centralized wallet which means we are not in charge of our funds as we don't own the private keys
- Requires a lot of paperwork for Identity verification making the user lose his/her anonymity
